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salome S

1 reviews | Active since May 2016

22 Mar 2022, 17:45

MFC Credit Assessment is based on BOGUS figures !!!

I am SHOCKED and APPALLED by your allegation of me having a "negative cash flow on credit assessment".

My GOOD credit record is PROOF of my ability to meet my financial liabilities EVERY MONTH !!!

If I had such a "negative cash flow on credit assessment" according to you, WHY would you INCREASE my monthly repayments as follows : • R4,098.54 as at 2022/03/01 - EXCLUDING the balloon amount of R35,985.00 • R4,547.46 as at 2022/04/01 - INCLUDING the balloon amount of R35,985.00 • R 448.92 INCREASED MONTHLY instalments

• R4,657.63 For a FIXED rate of 10% - as per your notification dated 2022/03/15 • R4,547.46 as at 2022/04/01 - INCLUDING the balloon amount of R35,985.00 • R 110.17 Difference between NCREASED MONTHLY instalments and 10% fixed rate

The difference amounts to a mere R110.17 per month more on a FIXED rate of 10% which would DEFINITELY not have any kind of influence on my “cash flow” should the interest rates be increased again and again over the next 5 years.

You REJECT my application for a MERE R110.17 more a month but eagerly grab the R448.92 more a month ??? That is NOT ACCEPTABLE !!!

I demand a PROPER explanation as to WHAT figures you have used in order to determine that I have a "negative cash flow on credit assessment".

I earn WAY more than what I NEED to spend on a monthly basis for living expenses.

I await your URGENT response.

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Replies (1)
sS
salome S's update28 Mar 2022, 18:57
Reviewer Update
WHAT PART OF BEING MARRIED IN COMMUNITY OF PROPERTY and having a bond IN BOTH SPOUSES’ names do you NOT UNDERSTAND ???

We, being MARRIED IN COMMUNITY OF PROPERTY are BOTH responsible for 50 % of the bond payments.
I have NOT under-declared your contractual expenses. ORIGINALLY, I have declared ONLY MY R4,000.00 portion of the bond (being 50% of R8,000.00) as the MFC VEHICLE FINANCE is in MY NAME ONLY !!!
Because SA HOMELOANS listed the FULL bond repayments ONLY on MY name with the CREDIT BUREAU, you state that I have under-declared my contractual expenses ??? THAT IS NOT TRUE !!!
Because of this, MFC has REJECTED the FIXED rate application stating that it is due to a "negative cash flow on credit assessment". ?????? !!!!!!
I have been a MFC client for 10 (TEN) YEARS CONTINUALLY and have NEVER missed a payment. I have an EXCELLENT credit record AND MFC, payment record, but now being treated like I am trying to de***** MFC is UNACCEPTABLE !!!!
Should I not have a PROPER resolution to this situation by tomorrow afternoon (29 MARCH 2022 at 16:00), I will not hesitate to file a FORMAL COMPLAINT with the CONSUMER Board and other regulating authorities. I expect MFC to DO RIGHT BY ME !!!